Copa Holdings, S.A. (Copa Airlines) has announced financial results for the second quarter of 2024 (2Q24). The terms “Copa Holdings” and the “Company” refer to the consolidated entity. The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the second quarter of 2023 (2Q23).
OPERATING AND FINANCIAL HIGHLIGHTS
- Copa Holdings reported a net profit of US$120.3 million for 2Q24 or US$2.88 per share. The Company reported an operating profit of US$159.5 million and an operating margin of 19.5%.
- Passenger traffic for 2Q24, measured in terms of revenue passenger miles (RPMs), increased by 10.6% compared to 2Q23 while capacity, measured in available seat miles (ASMs), increased by 9.7%. As a result, the load factor for the quarter increased by 0.7 percentage points to 86.8% compared to 2Q23.
- Operating cost per available seat mile excluding fuel (Ex-fuel CASM) decreased by 5.8% in the quarter to 5.6 cents when compared to 2Q23, mainly driven by lower maintenance, materials and repair costs as well as lower sales and distribution costs.
- Revenue per available seat mile (RASM) decreased by 7.7% to 11.0 cents compared to 2Q23, driven by an 8.7% decrease in passenger yields. Total revenues for 2Q24 increased by 1.3% to US$819.4 million.
- The Company ended the quarter with approximately US$1.2 billion in cash, short-term and long-term investments, which represent 35% of the last twelve months’ revenues.
- The Company closed the quarter with total debt, including lease liabilities, of US$1.8 billion, while our Adjusted Net Debt to EBITDA ratio ended at 0.6 times.
- During the quarter, the Company took delivery of three Boeing 737 MAX 9 aircraft, ending the quarter with a consolidated fleet of 109 aircraft – 67 Boeing 737-800s, 32 Boeing 737 MAX 9s, 9 Boeing 737-700s, and 1 Boeing 737-800 freighter.
- Copa Airlines had an on-time performance for the quarter of 87.6% and a flight completion factor of 99.7%, once again positioning itself among the very best in the industry.
Subsequent Events
- In July, Copa Airlines was recognized by Skytrax – for the ninth consecutive year – as the “Best Airline in Central America and the Caribbean.”
- In July, the Company took delivery of its first Boeing 737 MAX 8, increasing its total fleet to 110 aircraft.
- On July 29, the Government of Venezuela temporarily suspended commercial flights between Venezuela and Panama effective July 31st, forcing the Company to suspend its flights between the two countries. As of the date hereof, the official notice mandates the suspension of flights until August 31st.
- Copa Holdings will make its third dividend payment of the year of US$1.61 per share on September 13, 2024, to all Class A and Class B shareholders on record as of August 30, 2024.
| Consolidated Financial & Operating Highlights |
2Q24 | 2Q23 | Variance Vs 2Q23 |
1Q24 | Variance Vs 1Q24 |
YTD24 | YTD23 | Variance Vs YTD23 |
| Revenue Passengers Carried (000s) | 3,303 | 2,980 | 10.8 % | 3,272 | 0.9 % | 6,575 | 5,860 | 12.2 % |
| Revenue Passengers OnBoard (000s) | 4,970 | 4,469 | 11.2 % | 4,790 | 3.7 % | 9,760 | 8,764 | 11.4 % |
| RPMs (millions) | 6,446 | 5,826 | 10.6 % | 6,127 | 5.2 % | 12,573 | 11,550 | 8.9 % |
| ASMs (millions) | 7,424 | 6,767 | 9.7 % | 7,121 | 4.2 % | 14,545 | 13,363 | 8.8 % |
| Load Factor | 86.8 % | 86.1 % | 0.7 p.p | 86.0 % | 0.8 p.p | 86.4 % | 86.4 % | 0.0 p.p |
| Yield (US$ Cents) | 12.1 | 13.3 | (8.7) % | 14.0 | (13.5) % | 13.0 | 13.9 | (6.3) % |
| PRASM (US$ Cents) | 10.5 | 11.4 | (7.9) % | 12.1 | (12.7) % | 11.3 | 12.0 | (6.3) % |
| RASM (US$ Cents) | 11.0 | 12.0 | (7.7) % | 12.5 | (12.0) % | 11.8 | 12.5 | (6.1) % |
| CASM (US$ Cents) | 8.9 | 9.1 | (2.1) % | 9.5 | (6.6) % | 9.2 | 9.6 | (4.6) % |
| CASM Excl. Fuel (US$ Cents) | 5.6 | 5.9 | (5.8) % | 6.1 | (8.1) % | 5.8 | 6.1 | (3.9) % |
| Fuel Gallons Consumed (millions) | 87.6 | 79.9 | 9.6 % | 84.4 | 3.7 % | 172.0 | 158.1 | 8.8 % |
| Avg. Price Per Fuel Gallon (US$) | 2.79 | 2.65 | 5.2 % | 2.90 | (3.7) % | 2.84 | 3.00 | (5.4) % |
| Average Length of Haul (miles) | 1,952 | 1,955 | (0.2) % | 1,873 | 4.2 % | 1,912 | 1,971 | (3.0) % |
| Average Stage Length (miles) | 1,253 | 1,260 | (0.5) % | 1,246 | 0.6 % | 1,249 | 1,270 | (1.6) % |
| Departures | 36,313 | 33,385 | 8.8 % | 35,220 | 3.1 % | 71,533 | 65,369 | 9.4 % |
| Block Hours | 116,062 | 107,055 | 8.4 % | 112,164 | 3.5 % | 228,226 | 211,681 | 7.8 % |
| Average Aircraft Utilization (hours) | 11.9 | 11.8 | 0.3 % | 11.6 | 2.0 % | 11.7 | 11.9 | (0.9) % |
| Operating Revenues (US$ millions) | 819.4 | 809.2 | 1.3 % | 893.5 | (8.3) % | 1,712.9 | 1,676.5 | 2.2 % |
| Operating Profit (Loss) (US$ millions) | 159.5 | 194.7 | (18.1) % | 216.0 | (26.1) % | 375.5 | 387.9 | (3.2) % |
| Operating Margin | 19.5 % | 24.1 % | -4.6 p.p | 24.2 % | -4.7 p.p | 21.9 % | 23.1 % | -1.2 p.p |
| Net Profit (Loss) (US$ millions) | 120.3 | 17.5 | 586.8 % | 176.1 | (31.7) % | 296.3 | 139.0 | 113.1 % |
| Adjusted Net Profit (Loss) (US$ millions) (1) | 120.3 | 154.5 | (22.2) % | 176.1 | (31.7) % | 296.3 | 312.3 | (5.1) % |
| Basic EPS (US$) | 2.88 | 0.44 | 549.4 % | 4.19 | (31.1) % | 7.07 | 3.52 | 101.0 % |
| Adjusted Basic EPS (US$) (1) | 2.88 | 3.92 | (26.4) % | 4.19 | (31.1) % | 7.07 | 7.90 | (10.5) % |
| Shares for calculation of Basic EPS (000s) | 41,715 | 39,444 | 5.8 % | 42,052 | (0.8) % | 41,883 | 39,504 | 6.0 % |
(1) Excludes Special Items. This earnings release includes a reconciliation of non-IFRS financial measures to the comparable IFRS measures.
Copa Airlines aircraft photo gallery:
Related
 has announced financial results for the second quarter of 2024 (2Q24). The terms "Copa Holdings" and the "Company" refer to the consolidated entity. The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS…){kind=link}